FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2019

Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):

		March 31, 2019				December 31, 2018
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	Level 2	$	1,052	$	1,100	$	1,425	$	1,400
Lending counterparty investments	Level 3		–		–		5,002		5,002
Secured borrowings-related interest rate swap agreements	Level 2		7,037		7,037		–		–
Financial liabilities:
Unsecured borrowings	Level 2		98,317		75,200		98,292		76,600
Unsecured borrowings-related interest rate swap agreements	Level 2		21,903		21,903		17,834		17,834

Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
March 31, 2019
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	9,105,307	$	65,623	$	52,284	$	9,118,646
Ginnie Mae		3,104,734		14,638		11,747		3,107,625
Residential mortgage securities classified as held-to-maturity		1,099		3	–			1,102

December 31, 2018
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		8,949,793		56,041		74,276		8,931,558
Ginnie Mae		3,040,275		8,681		17,692		3,031,264
Residential mortgage securities classified as held-to-maturity		1,134		3	–			1,137

	March 31, 2019				December 31, 2018
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	4,996,754	$	62,772	$	4,736,171	$	83,407
Less than one year		578,144		1,259		1,475,120		8,561
	$	5,574,898	$	64,031	$	6,211,291	$	91,968